It took a team of 20 Jones Day lawyers to extricate Detroit from bankruptcy—including two partners in Atlanta: Jeff Ellman, a bankruptcy lawyer, and Elena Kaplan, who handles employee benefits and compensation.
Federal judge Steven Rhodes on Friday approved a restructuring plan for Detroit that will allow it to exit from the historic Chapter 9 bankruptcy it filed on July 18, 2013. The plan calls for the city to cut more than $7 billion in unsecured liabilities and reinvest $1.4 billion over 10 years in public services and blight removal, according to the Detroit Free Press, which is live-blogging the hearing. The city won’t have to sell off any masterpieces from the Detroit Institute of Arts, and the deal reduced pension cuts.
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